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Citi puts Asia credit card payment processing business up for sale -sources

An ATM machine is seen inside a branch of Citibank in Beijing, China, April 18, 2016. REUTERS/Kim Kyung-Hoon

HONG KONG (Reuters) - Citigroup (C.N) has put its Asia credit card payment processing business on the block as part of an ongoing global plan to exit non-core operations, people familiar with the matter told Reuters.

Citi's Credit Card Merchant Acquiring business provides credit and debit card payment processing services to thousands of merchants in Asia and generates around $400 million (274 million pounds) in gross revenue, the people added. About 70 percent of the business comes from Hong Kong, Singapore and India, they added.

Final bids are due in about three weeks.

Citi started exiting its merchants acquiring businesses in other regions starting in 2005, and Asia is the last remaining market where it still provides this service.

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Citi generated $2.6 billion in revenue in Asia 2015 from its credit card business.

Citi declined to comment, while the people declined to be identified as the sale process was confidential.

(This version of the story headline and first paragraph to clarify unit for sale is Citi's credit card payment processing business, not its payment processing business. Also corrects penultimate paragraph to make clear revenue is for its Asia credit card business)

(Reporting by Denny Thomas; Editing by Lisa Jucca)